我国证券市场的伦理冲突与矛盾

从证券市场的实践过程来看，我国证券市场进行的是一场缺乏伦理规范的市场游戏。证券伦理规范陷入一种严重混乱的无续的状态；从证券市场的实践结果来看，有些经济学者只是追求经济单位自身利益最大化，没有伦理思考，这种思想在市场运行过程中受到了严重挑战。甚至引发经济泡沫。引起金融危机。因此。我们可以得出：证券伦理不仅涉及到个体行为，而且还关系到证券市场的核心问题即公平与效率，忽视证券伦理会导致市场的公信力下降。影响证券市场的高效运行和最佳配置。对证券市场而言，法律、道德缺一不可。     

从行为金融角度分析股票投资行为

证券市场普通投资者行为的非理性,使市场中产生了许多传统经济学不能解释的现象。本文从投资者的从众心理、过度自信等方面解释相关现象,并在行为金融理论下提出相关建议。     

我国证券市场集中度研究

本文立足于近二十年来我同证券市场的发展,从产业经济学的角度对我国证券市场的集中度进行测算和研究.结果表明:无论是从代表一级市场承销业务的股票主承销额,代表二级市场经纪业务的股票基金交易额,还是从代表证券公司规模的净资产和代表证券公司技术进步和创新等综合能力的总利润集中度指标来看,目前我国证券市场仍属于集中度偏低或者说属于中(下)集中寡占型市场.鉴于我国证券市场存在超额利润,这与传统产业经济学中天于持续的高额利润率出现在高垄断市场中的理论相悖.     

基于分工理论的融资结构及其国际比较检验

引入分工理论和新兴古典经济学的超边际分析方法,以中国和OECD国家的数据对融资结构问题实证得出,虽然在此次次贷危机中,市场主导型金融系统受到了巨大冲击并遭到一定的质疑,但市场主导型融资结构及融资过程的"脱媒"趋势仍然与工业化国家普遍的经济发展阶段、居民储蓄倾向、产业结构等因素相适应.随着经济发展,中国金融系统必将从单一的银行主导结构向银行和证券市场并重的混合型结构过渡.     

中国股市价值投资问题初探

近年来价值投资理念在中国证券市场受到高度关注。对价值投资理念必须从其独特的经济学基础、与其他投资理念的关系、具体市场表现等方面进行深刻认识。当前中国证券市场的价值投资存在基础不牢固、价值变现困难、概念炒作等问题。全面推进价值投资理念，需要在提供更多蓝筹股、加快国有股减持及流通、推进金融创新、吸引更多投资性资金进场等方面加强相关的制度建设。     

金融伦理视角下的资本市场发展

"第五次全国金融工作会议"指出要促进资本市场平稳健康发展,良性的发展除了效率提升、市场规模扩大之外不应该忽视市场的正义、良知及道德,金融伦理是金融发展的底线,金融伦理也决定了金融监管的有效性.资本市场伦理指的是市场的公平、公正、公开及诚信体系等一系列金融道德标准,本文侧重于分析资本市场中的股票市场,对我国股票市场20余年发展历程从金融伦理角度进行简要评析,并归纳出存在的显著问题,进而在此基础上对我国资本市场伦理体系的构建提出相应建议.     

关于发展我国证券市场的探讨

证券市场在我国金融活动中居于何等地位,社会主义证券市场与资本主义证券市场有何本质区别,是十年金融改革中争议较多的问题。1984年就曾提出发展金融市场是金融改革的“突破口”;198S年制定的“七五”计划要求“促进资金市场的逐步形成”,1986年进一步提出“发展短期金融市场,开拓长期资金市场”,1987年全国发行各种债券共达五、六百亿元,有人认为建立证券市场的条件已经成熟。最近有一种意见认为深化金融改革的重点是发展证券市场。在实践上,从1987年起,拆借市场遍地开花,轰轰烈烈,大中城市建立证券交易机构,办理证券买卖,一时熙熙攘攘,一时又门前罗雀,几经沉浮。1988年下半年通货膨     

我国经济转轨中的证券市场发展取向

银行主导型金融制度与市场主导型制度各有优势，它们之间更多的是一种互补而非替代关系，实践中各国金融制度的演进也呈现出一种同化趋势或趋中模式。转轨经济国家的金融制度从单一银行体制演变而来，其中银行居于主导地位，但随着经济发展，证券市场的重要性正在逐渐凸现。中国证券市场的发展对于渐进式经济转轨发挥了重要作用。目前，在推动我国金融制度从银行主导型向市场主导型方向积极转变过程中，证券市场的潜力依然巨大，并正在成为破解政府、银行、国企铁三角关系及化解金融风险的重要平台。     

中国证券市场羊群行为理论研究综述

近10年来,对证券市场上羊群行为的研究迅速成为金融经济学的热点之一。文章介绍了证券市场上羊群行为的概念,系统地回顾了羊群行为的理论研究成果,并展望了证券市场羊群行为理论研究的未来发展方向。     

中国证券市场中政府监管的理论分析与现实思考

证券市场的有序运行依赖于市场参与者的伦理约束和法律规范.但单纯的伦理约束可能并不足以保证证券市场运行的有序化,因而通过政府运用法律的、行政的和经济的手段对证券业实施监管,是保证证券市场有效运行,从而提高证券市场效率的一个必不可少的手段.     

转融通基本问题研究

转融通实质上就是证券金融公司对证券公司的融资融券。证券金融公司是转融通业务的唯一主体,具有一定的垄断地位,但证券金融公司在开展转融通业务时,与证券公司是交易对手,处于平等的民事主体地位,证券金融公司不应定位为交易的中央对手方或者市场组织者。在《转融通业务监督管理试行办法》规定的框架下,证券金融公司可以根据实际情况和需要设计出不同的业务操作模式,但效率与安全应当是考虑设计转融通操作模式的两大基本出发点。从长远看,比照现有的融资融券业务操作模式构建证券金融公司的转融通业务操作模式,是一种可取的选择,值得作进一步的思考。     

Liquidity risk in securities settlement

This paper studies the potential impact on securities settlement systems (SSSs) of a major market disruption, caused by the default of the largest player. A multi-period, multi-security model with intraday credit is used to simulate direct and second-round settlement failures triggered by the default, as well as the dynamics of settlement failures, arising from a lag in settlement relative to the date of trades. The effects of the defaulter’s net trade position, the numbers of securities and participants in the market, and participants’ trading behavior are also analyzed.We show that in SSSs – contrary to payment systems – large and persistent settlement failures are possible even when ample liquidity is provided. Central bank liquidity support to SSSs thus cannot eliminate settlement failures due to major market disruptions. This is due to the fact that securities transactions involve a cash leg and a securities leg, and liquidity can affect only the cash side of a transaction. Whereas a broad program of securities borrowing and lending might help, it is precisely during periods of market disruption that participants will be least willing to lend securities.Settlement failures can continue to occur beyond the period corresponding to the lag in settlement. This is due to the fact that, upon observation of a default, market participants must form expectations about the impact of the default, and these expectations affect current trading behavior. If, ex post, fewer of the previous trades settle than expected, new settlement failures will occur. This result has interesting implications for financial stability. On the one hand, conservative reactions by market participants to a default – for example by limiting the volume of trades – can result in a more rapid return of the settlement system to a normal level of efficiency. On the other hand, limitation of trading by market participants can reduce market liquidity, which may have a negative impact on financial stability.     

HOW RATIONAL INVESTORS DEAL WITH UNCERTAINTY (OR, REPORTS OF THE DEATH OF EFFICIENT MARKETS THEORY ARE GREATLY EXAGGERATED)

Much academic research in finance in the past quarter century has been devoted to examining the proposition that corporate securities are priced by "rational" investors in an "efficient market." Stated most simply, the proposition says that the intensive pursuit of large returns by stock market investors ensures that, for the vast majority, only modest ones will be had. This argument, which has been refined and tested as the "efficient markets hypothesis" (EMH), could well be described as the foundation of modern financial theory.     

Smith versus Friedman: Markets and ethics

This paper addresses the issue of ethics in modern business thought from the perspective of the father of modern economics Adam Smith using both An Inquiry Into the Nature and Causes of the Wealth of Nations and The Theory of Moral Sentiments. The foundation of modern business thought is represented by the Chicago/Austrian School of economic thought using Milton Friedman as a basis and examples from the popular business press and from the work of accounting scholars to illustrate the pervasiveness of this idea of market solutions to ethical problems.It is contended that modern business theory, as represented by this neoclassical economic paradigm, has established a moral code for business based on efficiency of outcome and the assumed link of efficiency to self-interested behavior. The result is markets as the arbitrators of ethical outcomes, and profit maximization as the ultimate moral code.     

证券公司效率评价：一种经过风险调整的方法

鉴于现有的有关证券公司效率评价的研究没有考虑风险的状况,利用数据包络方法,以风险作为证券公司效率评价中的一种投入,以净资产与净资本之差作为风险的代理指标,基于2010年证券公司财务报告和净资本数据,对我国证券公司效率进行实证研究,并与不考虑风险条件下的效率评价结果进行比较。结果发现,上述方法具有可行性,是否考虑风险对于证券公司效率评价具有显著的影响。     

Derivative mortgage securities: An overview

Derivative mortgage securities have proliferated since planned amortization and floating rate CMO classes were introduced in late 1986. Other recently created derivative securities include reverse floaters and deep-discount bonds of CMOs, CMO residuals, and stripped and senior/subordinated passthroughs. These securities, which are derived from fixed-rate mortgages, were created to meet investor demands for maturity certainly, interest rate and prepayment hedging, and enhanced credit. The rapid growth of derivative securities reflects expansion of the investor base for fixed-rate mortgages. It also suggests that these mortgages will continue to be a viable housing finance instrument in a volatile interest rate environment. For the future, the increased creation of derivative securities will make the secondary mortgage market more efficient, facilitating the funding of fixed-rate mortgage originations.The substance of this paper was originally written in late 1987 and many of the specific data reflect that time period.     

Enforcement actions and their effectiveness in securities regulation: Empirical evidence from management earnings forecasts

Due to resource constraints, securities regulators cannot find or punish all firms that have conducted irregular or even illegal activities (hereafter referred to as fraud). Those who study securities regulations can only find the instances of fraud that have been punished, not those that have not been punished, and it is these unknown cases that would make the best control sample for studies of enforcement action criteria. China’s mandatory management earnings forecasts solve this sampling problem. In the A-share market, firms that have not forecasted as mandated are likely in a position to be punished by securities regulators or are attempting to escape punishment, and their identification allows researchers to build suitable study and control samples when examining securities regulations. Our results indicate that enforcement actions taken by securities regulators are selective. The probability that a firm will be punished for irregular management forecasting is significantly related to proxies for survival rates. Specifically, fraudulent firms with lower return on assets (ROAs) or higher cash flow risk are more likely to be punished. Further analysis shows that selective enforcement of regulations has had little positive effect on the quality of listed firms’ management forecasts.     

生态金融机制的类型及其法律问题

作为环境危机的应对机制,生态金融市场因应而生。生态金融市场包括市场化机制和生态金融机制,前者以排污权交易为代表,后者的类型较为多样,比如环境基金、气候变化衍生品、自然灾害证券和生态期权机制均属于生态金融机制。作为新型的金融市场机制,生态金融机制对现行金融法制构成了一定的挑战。为推动生态金融机制的发展,我国应当完善现行的金融法制以便为生态金融机制提供良好的法制环境。     

权证对投资者投资偏好影响的实证研究

金融衍生产品的出现提高了证券市场信息传递的速度，知情交易者通过对衍生品的投资提高传递的效率。本文通过对我国权证市场和相应标的股票市场交易高频数据的研究，探讨知情交易者在权证市场出现后是否改变了投资的对象。实证结果表明，尽管有部分知情交易者投资了认购权证，但是并没有证据表明知情交易者偏好认沽权证。造成这一结果的原因可能是权证制度自身的缺陷。     

Taxing transactions in futures markets: Objectives and effects

In the last few years various legislative proposals have been made to impose a transaction or excise tax on securities and derivative market transactions. Although there have been considerable discussion and analysis of the wisdom of imposing such a tax on securities markets, there has been no analysis of the pros and cons of extending the tax to futures markets. This article attempts to fill this gap, first, by examining the various rationales advanced to support a tax on securities markets to determine their applicability to futures markets and, second, by analyzing the likely effects of the tax on the competitiveness and efficiency of futures markets. In addition, the revenue-raising potential of a tax on futures transactions is evaluated. I conclude that a tax on futures markets will not achieve any important social objective and will not generate much revenue.